FINAL EXAM - LOUISIANA LIFE AND HEALTH

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FINAL EXAM - LOUISIANA LIFE AND HEALTH

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Which type of plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for charges exceeding the approved amount?

Answer:

Medicare supplement Plan F Question 2: Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this type of annuity?

Answer:

During periods of inflation, annuitants will experience a decrease in purchasing power of their payments Question 3: Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

Answer:

10 days

Question 4: All of the following are unfair claims settlement practices EXCEPT

Answer:

An attempt to settle a claim by arbitration

Question 5: Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated employee's benefits must

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be the same and the premium cannot exceed 102% Question 6: Which of the following is typically NOT eligible for coverage in a group health policy?

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Temporary employee Question 7: In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST

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provide evidence of insurability to the insurer Question 8: As classified by the Affordable Care Act (ACA), a Silver Plan offers

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70% actuarial level of coverage provided

Question 9: Mortality is calculated by using a large risk pool of

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people and time Question 10: Which of these would limit a company's liability to provide insurance coverage?

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Exclusion Question 11: Which of the following is considered to be an alternative to a life settlement?

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Accelerated death benefit rider Question 12: An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a

Answer:

benefit schedule

Question 13: In Louisiana, regulation for variable insurance contracts are set by all of the

following EXCEPT:

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State attorney general's office Question 14: Which clause defines total disability as being unable to perform the major duties of the insured's regular occupation?

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Own occupation clause Question 15: All of these are valid options for an Adjustable Life Policy EXCEPT

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A nonforfeiture option can be used to increase the death benefit Question 16: A renewable Term Life insurance policy allows the policyowner the right to renew the policy

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without producing proof of insurability Question 17: Backdating of life insurance policy applications is allowed if the policies are not backdated earlier than

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• months from the time the policy was applied for

Question 18: Which of the following would be considered a possible applicant and contract policyholder for group health benefits?

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Employer Question 19: An insurable interest in each other's lives may exist in absence of an economic interest when the individuals are

Answer:

Marriage partners

Question 20: Fran is currently uninsured. Which of the following would allow Fran to qualify for a special enrollment in his small employer's health benefit plan?

Answer:

Adoption of a child

Question 21: Select the appropriate response

What is issued to each employee of an employer health plan?

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Certificate Question 22: What happens to interest earned if the annuitant dies before the payout start date?

Answer:

It is taxable

Question 23: An annuity becomes incontestable after it has been in force for

Answer:

• years

Question 24: An insurer operating in the U.S. but headquartered outside the U.S. is

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an alien insurer

Question 25: Key Person Disability Insurance pays benefits to the

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employer

Question 26: What is the elimination period of an individual disability policy?

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Time period a disabled person must wait before benefits are paid Question 27: Before an insurance company may sell insurance in Louisiana, the company must:

Answer:

Secure a certificate of authority from the Department of Insurance